Steve Bee warns of retrospective Pensions Bill

Bee, head of pensions strategy at Scottish Life, says the coming Pensions Bill, which is likely to propose a change to the preservation requirements. This could in turn influence how advisers act on proposed legislation on transitional protection set out in the Inland Revenue's second simplification paper published in December. According to the IR, UK pensions rules face retrospective changes. However, Bee says, for this to work, people who have already "left the service" and have deferred pension rights will need to change their preservation rights retrospectively. If that happens,...